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The Gallagher Business Insurance Market Conditions Report — 2023 Outlook provides expert insights into market conditions across the key business insurance classes, the factors affecting the availability of insurance in Australia, emerging trends to be aware and the strategies that can be used by mid-sized to large organisations to find opportunities among these challenges.
While conditions have begun to stabilise, the insurance market remains somewhat challenging overall. It is expected that premium rates will continue to rise, however, at a much slower rate, in most lines into 2023, where premium rates remain more highly varied by business size, sector, cyber security maturity and risk vulnerability.
While premium increases are stabilising for most property risks, insurers are increasingly focused on the potential for losses related to natural catastrophes.
Updated valuations essential
Rising inflation is also playing a role in property insurance placement, with insurers requesting updated building valuations to ensure that sums insured are adequate as the cost of property rebuild or repair work is blowing out in some cases, affecting claims ratios.
Conditions in liability markets have eased considerably, with pricing for good risks recording only moderate increases in line with inflationary pressures.
After the recent period of recent premium increases the market is beginning to favour businesses instead of insurers, provided they can demonstrate effective risk management.
Along with increased cyber insurance capacity for Australian businesses there are also encouraging signs that the steep price increases of recent years are levelling out.
Premiums are expected to continue increasing, emphasising the value of a strong broker advocate to sell your risk management story to secure premium relief, at moderate rates, and with Workers' compensation premiums typically a high proportion of the insurance cost a business incurs, attention to workplace risk trends to avoid further premium impact is key
Experts provide an outlook into the current market conditions across key business insurance classes, the factors affecting the availability of insurance and the strategies we can help you deploy in order to navigate the challenges.
Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective.